Oceaneering and Subsea 7 terminate acquisition agreement

By OGJ editors
HOUSTON, Mar. 17 -- Oceaneering International Inc., Houston, has terminated its previously announced acquisition agreement involving the remotely operated vehicle (ROV) business from the Subsea 7 Group, London (OGJ Online, Dec. 4, 2003).

Oceaneering had agreed to acquire 82 ROVs from Subsea 7 for $108 million pending a satisfactory due diligence review.

"It is in the best interest of both parties to terminate the agreement without further obligation," an Oceaneering release said.

Oceaneering said it will expense an estimated $1.5-$1.8 million in pre-tax accumulated transaction costs during the first quarter.